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Exxon Mobil shatters record for annual profit
Posted: 01.30.2009 at 9:47 AM
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HOUSTON (AP) -- Exxon Mobil is reporting a profit of $45.2 billion for 2008, breaking its own record for full-year earnings by a U.S. company, but fourth-quarter profits tumbled 33 percent.
The fourth-quarter decline is not a surprise with oil's swift 60 percent plunge in the final three months of the year.
The previous record for annual profit was $40.6 billion, which Exxon Mobil set in 2007.
Crude prices began the year by passing the $100 mark and by July neared $150 per barrel. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.
(Copyright ©2009 by The Associated Press. All Rights Reserved.)